Legal Question in Wills and Trusts in Colorado
Family Farm
My mother and father-in-law own debt free a farm that is worth over two million dollars. Both of them are in their late 60s and have five children. Their wish after they die is to pass the farm down to the next generation; however, they are not fond of attorneys, wills, trusts, or corporations. In an effort to make their wishes happen, I would like to educate them on the importance of estate planning.
What would you recommend for their situation? Where can I get additional resources to help educate them about the importance of estate planning?
1 Answer from Attorneys
Re: Family Farm
Afternoon,
This is a very good idea. They really should get a complete estate plan and consider options to reduce estate taxes as, based on their assets, it is very relevant.
You may want to consider going to the Colorado Bar Association site and download and print some of their brochures. That will give them some overview and it may help to have the family involved in this review and the process in talking to an estate attorney.
Here is the site that lists some relevant brochures (I would download, in particular, the estate planning, advance directives, and living trusts) http://www.cobar.org/group/index.cfm?category=2760&entityid=dpwfp. Also the senior law handbook is quite useful http://www.cobar.org/group/index.cfm?category=726&entityid=dpwfp. Good luck.
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